Kingdom of Bhutan deposits $66m in Bitcoin on Binance 

The Kingdom of Bhutan moved Bitcoin to a centralized crypto exchange for the first time since July 1.

Arkham data confirmed that the Bhutanese government slightly reduced its significant crypto holdings by sending 929 Bitcoins (BTC) worth over $66 million to the Binance deposit address on October 29. Authorities moved 100 BTC, or $7.3 million, to the exchange in what initially appeared to be a test transaction. Bhutan later transferred 839 BTC worth approximately $59 million in a follow-up transaction.

Arkham began tracking Bhutan’s crypto assets in September and found that the small Asian country holds nearly $1 billion worth of Bitcoin.

According to crypto.news, Bhutan has invested heavily in BTC mining since 2023, producing over $750 million worth of Bitcoin in just over a year. Bhutan’s investment department, Druk Holding & Investment, manages BTC reserves, giving Bhutan the world’s fifth-largest sovereign-controlled Bitcoin pile.

USA, with 203,239 BTC; China with 190,000 BTC; UK’s 61,245 BTC; and Ukraine has the only government Bitcoin balance larger than Bhutan’s.

Bhutan’s approach to purchasing BTC attracts attention. Unlike countries like the US and China, which have acquired most of their crypto assets through seizures, Bhutan has mined crypto assets using computing power and repurposed a transformed education project.

Following their transfer to Binance, Bhutan still holds 12,456 BTC worth over $885 million with the recent surge in the crypto market. BTC recently surpassed $71,000 and analysts suggest it could retest above $73,000, its all-time high since March.

Bhutan also holds an estimated $600,000 worth of Ethereum (ETH) and smaller amounts of other cryptocurrencies.